Tate made his decision to excuse himself from the cryptocurrency community and social media known in a thread of tweets he shared a couple of minutes ago.
In the tweets, he pointed out his reasons for bidding farewell to the community he joined 8 years ago, and cryptocurrency project, DigiByte (DGB), he created over 6 years ago
One of the points he made in the note is that virtually everyone in the cryptocurrency community is there to cash out as soon as an increase in price is noticed. He added that they are not ready to build but to take their profits and leave without giving back to the community.
However, he stated that he’s not leaving DigiByte forever, but said he will be focusing on using open-source DGB tech to build some commercial applications on his own.
Jared Tate wrote:
“I started this blockchain journey 8 years ago with a belief & hope of a brighter future for all of us in a dark time. Along the way I have learned some very humbling lessons. #1 of which is greed is the fundamental driving force in crypto & people’s actions in life.”
1/3 I started this #blockchain journey 8 years ago with a belief & hope of a brighter future for all of us in a dark time. Along the way I have learned some very humbling lessons. #1 of which is greed is the fundamental driving force in crypto & people’s actions in life.
— Jared Tate ©️ (@jaredctate) May 15, 2020
Read the rest of the note below, as shared by Jared Tate:
No I do not speak for everyone in the DigiByte community but I do speak for myself & I will not quietly sit back & watch the fundamentals of what I spent the most creative years of my life to build be coopted & eroded by greed. The original values of this industry are gone.
All 90% of the people care for is cashing out when a coin “moons.” Its a primal force. I get that. But everyday I see this tech being used to enrich the few at the expense of the long term good of the many. The centralization of this industry will be its undoing if we let it.
As the consolidation in this industry continues so does the ability for everyday people to truly participate it what makes this tech great. If you are here to make a quick buck and retire on your own island more power to you. But thats not why blockchain tech matters.
I cannot count the amount of people I have had over the last half decade stab me in the back and attempt to use me and/ or DigiByte for a quick buck. Even close friends & confidants. It gets old. The truth is no permission is required to build on top of and use DigiByte.
But for it to last well into the future those who profit the most from it should help contribute back to the development & growth of a sustainable long term decentralized blockchain. As of today unfortunately thats not the case.
I personally know many people/orgs who have made millions off DGB. Cashed out and left w/o ever giving back/ helping to grow the ecosystem. Yes nothing requires them to do so. But the rampant pillaging of the fruits and labor of the few by the many is a backwards equation.
I do not know what the ideal answer to the above is but I personally am done freely giving, giving, giving while the many take, take, take. As such I will be focusingy time and energy on a new endeavor & distancing myself from the emerging crypto status quo.
This does not mean I am “leaving” DigiByte forever but it does mean I will be focusing on using opensource DGB tech to build some commercial applications on my own. I will also be taking some time off from social media & taking a well earned break from this space this summer.
Thank you to everyone who supports & belives in DigiByte. It is your turn to take over the reigns and guide DGB to new levels. A decentralized project must stand on its own merit. Not it’s founders opinions.